Marriott International, Inc. (MAR) SEC Filings & Earnings Calls

Increased leverage from new debt issuance, though manageable given Marriott's cash flow profile.

“Issued $250M Series NN Notes due 2029 and $1B Series YY Notes due 2036, increasing total debt by $1.25B.”

Geopolitical risk in Middle East impacting international RevPAR.

“International RevPAR declined 0.5 percent, as headwinds from the conflict in the Middle East more than offset solid RevPAR growth across other international regions.”

One-time charges: litigation accrual and impairment on hotel sale.

“$27 million property-related litigation accrual; $68 million impairment charge in connection with sale of a U.S. & Canada hotel.”

Middle East Conflict Disruption

“Performance was negatively impacted by the conflict in the Middle East, which resulted in a sharp decline in RevPAR in our Middle East & Africa region beginning in March 2026, with the impact from the conflict continuing into the third quarter.” · word for word

Data Security Incident Litigation

“We are progressing in our mediation discussions with the U.S. consumer plaintiffs, and we believe it is probable that we will incur losses in relation to these cases.” · word for word

Property Impairment

“We determined that the carrying amount of the hotel exceeded its fair value less costs to sell, based on a purchase and sale agreement with a third-party buyer, and recorded an impairment charge of $ 68 million in the 'Depreciation, amortization, and other' caption of our Income Statements.” · word for word

Net income decreased 3% YoY due to higher interest expense and tax provision; Middle East conflict impacted March results.

“Reported net income $648M vs $665M in Q1 2025; Middle East conflict impacted March RevPAR.”

Middle East Conflict Disruption

“Beginning in March 2026, and continuing into the 2026 second quarter, conflict in the Middle East resulted in a sharp decline in RevPAR in our Middle East & Africa region and negatively impacted demand in certain countries in our APEC region.” · word for word

Data Security Incident Litigation

“We are progressing in our mediation discussions with the U.S. consumer plaintiffs, and we believe it is probable that we will incur losses in relation to these cases.” · word for word

Impairment Charge on Hotel Sale

“we expect to record an impairment charge of approximately $65 million to $70 million in the 'Depreciation, amortization, and other' caption of our Income Statements in the 2026 second quarter.” · word for word

Increased leverage from new debt issuance, though manageable given Marriott's cash flow profile.

“Issued $600M Series WW Notes due 2033 and $850M Series XX Notes due 2038, increasing total debt by $1.45B.”

US & Canada RevPAR flat due to extended government shutdown impacting business transient segment.

“In the U.S. & Canada, RevPAR was roughly flat, reflecting the impact of the extended government shutdown primarily on the business transient segment.” · word for word

Sonder licensing agreement termination resulted in $23M expense in Q4.

“Owned, leased, and other expense in the 2025 fourth quarter included $23 million of expenses related to the termination of our licensing agreement with Sonder Holdings Inc.” · word for word

Business transient demand weakness

“In the U.S. & Canada, RevPAR increased 0.7 percent in 2025, reflecting strong demand at our luxury hotels, partially offset by softer demand at our select service hotels, which were impacted by weaker business transient demand, in part due to declines in government travel.” · word for word

Greater China macro softness

“In Greater China, RevPAR increased 0.4 percent, reflecting softness in macro-economic conditions during the year.” · word for word

Pipeline execution risk

“More hotel projects in our development pipeline may be cancelled or delayed in opening, which could adversely affect our growth prospects.” · word for word

Data security incident legacy costs

“We are currently unable to reasonably estimate the range of total possible financial impact to the Company from the Data Security Incident in excess of the expenses already recorded; however, we do not believe this incident will impact our long-term financial health.” · word for word

Leadership transition risk from retirement of two senior executives, though mitigated by internal promotions and deep bench.

“Retirement of Liam Brown (Group President, US & Canada) and Brian King (President, Enterprise Transformation & CALA) after decades of service.”

U.S. business transient and government travel weakness

“In the U.S. & Canada, RevPAR decreased 0.4 percent in the 2025 third quarter...reflecting...weaker business transient demand at our select service hotels largely driven by softness in government travel.” · word for word

China macroeconomic softness

“In Greater China, RevPAR was unchanged in the 2025 third quarter and decreased 0.6 percent in the 2025 first three quarters, reflecting soft macro-economic conditions.” · word for word

Data security incident litigation

“We are currently unable to reasonably estimate the range of total possible financial impact to the Company from the Data Security Incident in excess of the expenses already recorded.” · word for word

US & Canada RevPAR declined due to reduced government travel and macroeconomic uncertainty, impacting lower chain scales.

“In the U.S. & Canada, RevPAR declined 0.4 percent due to weaker demand in the lower chain scales, largely reflecting reduced government travel.” · word for word

Higher interest expense due to increased debt balances, partially offsetting operating gains.

“Interest expense, net, totaled $194 million in the 2025 third quarter, compared to $168 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.” · word for word